Telenor's Thailand unit to pay nearly $300 million in legal disputes

 

FILE photo

 

OSLO (Reuters) - Thailand's Total Access Communication (DTAC) <DTAC.BK>, a subsidiary of Norwegian telecoms firm Telenor <TEL.OL>, has agreed to pay close to $300 million to settle legal disputes with CAT Telecom Public Co Ltd, Telenor said on Thursday.

 

"Over the 27-year concession period, DTAC and CAT have been engaged in numerous litigation cases, mostly over differences in interpretation of the concession agreement," Telenor said.

 

"Today's settlement will close all, except two, issues between DTAC and CAT, and will also bar the parties from bringing new claims pertaining to the concession regime," it added.

 

The total settlement amounts to 9.51 billion Thai baht ($298 million).

 

The two issues not included in the settlement are industry cases related to revenue sharing concerning excise tax and interconnection charges, and both have been previously disclosed, Telenor said.

 

While the Norwegian firm had previously made provisions amounting to about 400 million Norwegian crowns ($47.22 million), it will book the remaining cost of 2.1 billion crowns in its fourth-quarter accounts, it added.

 

Telenor has about 173 million mobile phone customers in eight countries across Europe and Asia.

 

(Reporting by Terje Solsvik, Editing by Sherry Jacob-Phillips)

 

-- © Copyright Reuters 2019-01-10

billions here, billions there..maybe one day people will find out being stuck to their phone 24/7 is as healthy as eating 7/11 food warmed in a microwave

This is the "encouragement" Thailand exudes to the world to come & start a business here ?

It's difficult to for a foreign corporation to run a legal business in Thailand, a lot of money changing hands to middle men . But they can afford to pay for the best lawyers and make sure they have a watertight contract , even in Thailand. There's been many legal disputes over the years 

 

 

 

 

Advise for foreign companies, give Thailand a wide-berth, too much hassle. 

9.510.000.000 Baht.

 

Telenor should have asked advice from their Danish neighbor Carlsberg before they started a business in Thailand

Dtac made billions in revenue. $300 million drop in the bucket